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Originally Posted by Scottish Bird
Having recently moved to Houston from Scotland we are hoping to buy a house, but the procedure seems protracted. Any advice to help us through this??
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Scottish Bird. Make sure you have proof of all information requested in duplicate. With low interest rate the industry is being saturated. It is likely that forms get lost. Stay on top of the processor, he or she is your best contact person. Make sure the loan gets to underwriting ASAP. IF self employed you need 2 years return plus a profit and loss. IF employed, paystubs for the last month. HAve bank statement ready for the last 3 months. They are trying to find out where did you get the money for down payment and closing cost. So, prove where it came from if you sold assests, show them the sales slip and the deposit slip into your account. If your parents are giving you a gift, have them execute a gift letter and evidence the gift deposit in your account. Get cancelled checks for your rent payments, if you had any trouble with paying past creditors, try to remember cause for lateness.They are looking to substantiate your statement, so don't make it difficult just gather the information and keep duplicates. The more helpful you are the faster it will go. Best of luck!
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